A Briton has shared the Nobel economics prize with two Americans for developing theories that help explain how policies can affect unemployment.
The Royal Swedish Academy of Sciences said Americans Peter Diamond and Dale Mortensen, along with Christopher Pissarides, a British and Cypriot citizen, won the award "for their analysis of markets with search frictions".
"The laureates' models help us understand the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy," it said.
Pissarides, 62, is a professor at the London School of Economics.
Diamond, 70, is an economist at the Massachusetts Institute of Technology.
Mortensen, 71, is an economics professor at Northwestern University in Illinois.